Delivery Hero plans to issue almost $510m of shares in Germany and Luxembourg, while its largest shareholder, Rocket Internet, could sell the same number.

The initiative has been launched in partnership with startup network Rainmaking and will provide $22,000 in grant funding to 10 businesses.

CAA Ventures-backed Sprig, an online food delivery service, has wound down.

Naspers has led the Swiggy's series E round, which reports suggest took the online food delivery platform's overall funding to $150m.

Target has led a $75m funding round for Casper, which is targeting a final close of at least $100m.

The on-demand food ordering platform, which raised $423m from Naspers just days ago, is reportedly set to float in Germany this summer at a valuation of up to $4.5bn.

The corporate has provided $10m of the meal marketplace's series B round, making the investment as part of a strategic partnership deal.